NY Gov. Hochul Launches First-in-the-Nation $539M Homeowner Assistance Fund for Low-Income New Yorkers

Governor Kathy Hochul announced that New York State is the first state in the nation to receive U.S. Department of the Treasury approval to launch its Homeowner Assistance Fund, unlocking up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. The announcement, made on December 6, 2021, positioned New York ahead of every other state in distributing federal pandemic-era housing relief to struggling owners.

"Many New Yorkers are still recovering from the pandemic, and just like we did for renters, our state is now leading the way to provide much-needed economic relief to vulnerable homeowners," Governor Hochul said in the announcement.

Who the Program Is Designed to Help

The New York State Homeowner Assistance Fund (NYS HAF) specifically targets low- and moderate-income homeowners who fell behind during the COVID-19 pandemic. Eligible applicants include:

• Homeowners behind on mortgage payments, property taxes, or water and sewer bills
• Cooperative and condominium unit owners behind on maintenance fees
• Manufactured-home owners behind on chattel loans or retail installment contracts

Eligibility Requirements

To qualify, applicants must:

• Have a household income at or below 100% of the Area Median Income (AMI) for their county
• Be at least 30 days delinquent on monthly housing payments
• Use the property as their primary residence

How the Money Works

Awards are capped at $50,000 per household. Assistance is structured as a five-year, non-interest, non-amortizing forgivable loan — meaning if the homeowner stays in the home for five years, the loan is fully forgiven and no payment is ever owed. Funds can be used to catch up on missed housing payments, reduce mortgage debt to make monthly payments more affordable, and — for unemployed homeowners — cover up to six months of future housing payments.

Who Runs the Program

The fund is administered by New York State Homes and Community Renewal (HCR) and managed by Sustainable Neighborhoods LLC. Applications opened statewide on Monday, January 3, 2022.

How to Apply

Homeowners can apply through the official program website at nyhomeownerfund.org or by calling the NYS HAF Call Center at 1-844-77-NYHAF. Because demand for homeowner assistance funds has historically been high, eligible homeowners are encouraged to apply as early as possible and to gather mortgage statements, property tax bills, and proof of income before starting the application.